Mdu Resources Group Inc 10-Q for FY2025 Q3

Mdu Resources Group Inc (MDU)

10-Q 2025-11-10 For: 2025-09-30

Added on April 12, 2026

About this 10-Q

Mdu Resources Group Inc filed this 10-Q on November 10, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $315.04M; up 8.7% from $289.69M a year earlier
Net income: $18.31M; down 71.7% from net income of $64.62M a year earlier
Diluted EPS: $0.09; down 71.9% from $0.32 a year earlier

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Delaware						30-1133956
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	MDU	New York Stock Exchange


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐


Index
			Page
Definitions			3
Introduction			5
Part I -- Financial Information
Item 1. Financial Statements			6
Consolidated Statements of Income -- Three and Nine Months Ended September 30, 2025 and 2024			6
Consolidated Statements of Comprehensive Income -- Three and Nine Months Ended September 30, 2025 and 2024			7
Consolidated Balance Sheets -- September 30, 2025 and 2024, and December 31, 2024			8
Consolidated Statements of Equity -- Nine Months Ended September 30, 2025 and 2024			9
Consolidated Statements of Cash Flows -- Nine Months Ended September 30, 2025 and 2024			11
Notes to Consolidated Financial Statements			12
1. Basis of presentation			12
2. New accounting standards			13
3. Discontinued operations			13
4. Seasonality of operations			15
5. Receivables and allowance for expected credit losses			15
6. Inventories and natural gas in storage			16
7. Earnings per share			16
8. Equity			16
9. Revenue from contracts with customers			17
10. Regulatory assets and liabilities			19
11. Environmental allowances and obligations			20
12. Fair value measurements			20
13. Debt			23
14. Cash flow information			24
15. Business segment data			24
16. Employee benefit plans			28
17. Regulatory matters			29
18. Commitments and contingencies			30
19. Subsequent events			32
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			33
Item 3. Quantitative and Qualitative Disclosures About Market Risk			52
Item 4. Controls and Procedures			53
Part II -- Other Information
Item 1. Legal Proceedings			54
Item 1A. Risk Factors			54
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			54
Item 5. Other Information			54
Item 6. Exhibits			54
Exhibits Index			55
Signatures			56


Abbreviation or Acronym
2024 Annual Report			Company's Annual Report on Form 10-K for the year ended December 31, 2024
AFUDC			Allowance for funds used during construction
Applied Digital			Applied Digital Corporation
ASC			FASB Accounting Standards Codification
ASU			FASB Accounting Standards Update
ATM			At-the-Market
Cascade			Cascade Natural Gas Corporation, an indirect wholly-owned subsidiary of MDU Energy Capital
Centennial			CEHI, LLC, a direct wholly-owned subsidiary of the Company, formerly known as Centennial Energy Holdings, Inc., prior to the separation of Knife River from the Company. References to Centennial's historical business and operations refer to the business and operations of Centennial Energy Holdings, Inc.
Centennial Capital			Centennial Holdings Capital LLC, a direct wholly-owned subsidiary of Centennial
CODM			Chief Operating Decision Maker
Company			MDU Resources Group, Inc.
COVID-19			Coronavirus disease 2019
Coyote Creek			Coyote Creek Mining Company, LLC, a subsidiary of The North American Coal Corporation
Coyote Station			427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership)
CWIP			Construction work in progress, costs associated with the construction of new utility facilities recorded on the balance sheet until these facilities are placed in service
dk			Decatherm
EDA			Equity Distribution Agreement
Eighth Circuit			United States Court of Appeals for the Eighth Circuit
EPA			United States Environmental Protection Agency
Everus			Everus Construction Group, Inc., a wholly-owned subsidiary of the Company prior to the separation from the Company, that was established in conjunction with the proposed separation of Everus Construction
Everus Construction			Everus Construction, Inc., a direct wholly-owned subsidiary of Centennial prior to the separation from the Company, formerly known as MDU Construction Services Group, Inc. prior to March 12, 2024
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FERC			Federal Energy Regulatory Commission
Fidelity			Fidelity Exploration & Production Company, an indirect wholly-owned subsidiary of Centennial (previously referred to as the Company's exploration and production segment)
FSA			Forward sale agreement
GAAP			Accounting principles generally accepted in the United States of America
GHG			Greenhouse gas
Holding Company Reorganization			The internal holding company reorganization completed on January 1, 2019, pursuant to the agreement and plan of merger, dated as of December 31, 2018, by and among Montana-Dakota, the Company and MDUR Newco Sub, which resulted in the Company becoming a holding company and owning all of the outstanding capital stock of Montana-Dakota
Intermountain			Intermountain Gas Company, an indirect wholly-owned subsidiary of MDU Energy Capital
IPUC			Idaho Public Utilities Commission
IRA			Inflation Reduction Act of 2022
IRP			Integrated Resource Plan


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


JETx			345-kV transmission line from Jamestown, North Dakota to Ellendale, North Dakota (50 percent ownership)
kWh			Kilowatt-hour
kV			Kilovolt
MAOP			Maximum allowable operating pressure
MDU Energy Capital			MDU Energy Capital, LLC, a direct wholly-owned subsidiary of the Company
MDUR Newco			MDUR Newco, Inc., a public holding company created by implementing the Holding Company Reorganization, now known as the Company
MDUR Newco Sub			MDUR Newco Sub, Inc., a direct, wholly-owned subsidiary of MDUR Newco, which was merged with and into Montana-Dakota in the Holding Company Reorganization
MISO			Midcontinent Independent System Operator, Inc., the organization that provides open-access transmission services and monitors the high-voltage transmission system in the Midwest United States and Manitoba, Canada and a southern United States region which includes much of Arkansas, Mississippi, and Louisiana
MMcf			Million cubic feet
MMdk			Million dk
Montana-Dakota			Montana-Dakota Utilities Co., a direct wholly-owned subsidiary of MDU Energy Capital
MTPSC			Montana Public Service Commission
MW			Megawatt
NDDEQ			North Dakota Department of Environmental Quality
NDPSC			North Dakota Public Service Commission
NERC			North American Electric Reliability Corporation
NPA			Note Purchase Agreement
OBBBA			One Big Beautiful Bill Act
ODEQ			Oregon Department of Environmental Quality
OPUC			Oregon Public Utility Commission
PHMSA			Pipeline and Hazardous Materials Safety Administration
RNG			Renewable natural gas
SBCC			State Building Code Council
SDPUC			South Dakota Public Utilities Commission
SOFR			Secured Overnight Financing Rate
SEC			United States Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended
SPP			Southwest Power Pool, the organization that manages the electric grid and wholesale power market for the central United States
TSA			In connection with the separation of Everus, the Company and Everus entered into a Transition Services Agreement whereby each party will provide certain post-separation services on a transitional basis
VIE			Variable interest entity
Washington DOE			Washington State Department of Ecology
WBI Energy			WBI Energy, Inc., an indirect wholly-owned subsidiary of Centennial
WBI Energy Transmission			WBI Energy Transmission, Inc., an indirect wholly-owned subsidiary of Centennial
WYPSC			Wyoming Public Service Commission


MDU Resources Group, Inc.
Consolidated Statements of Income
(Unaudited)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(In thousands, except per share amounts)
Operating revenues	$	315,036	$	289,694	$	1,341,055	$	1,222,440
Operating expenses:
Purchased natural gas sold	58,514		53,377		471,728		406,569
Electric fuel and purchased power	41,098		32,576		119,737		108,991
Operation and maintenance	101,762		101,211		325,696		308,780
Depreciation and amortization	52,046		49,835		155,160		149,292
Taxes, other than income	21,776		17,849		85,699		77,731
Total operating expenses	275,196		254,848		1,158,020		1,051,363
Operating income	39,840		34,846		183,035		171,077
Other income	7,298		8,970		22,240		31,242
Interest expense	26,417		27,337		78,684		80,349
Income before income taxes	20,721		16,479		126,591		121,970
Income taxes	2,371		876		11,597		11,390
Income from continuing operations	18,350		15,603		114,994		110,580
Discontinued operations, net of tax	(39)		49,012		(938)		115,370
Net income	$	18,311	$	64,615	$	114,056	$	225,950
Earnings per share - basic:
Income from continuing operations	$	.09	$	.08	$	.56	$	.54
Discontinued operations, net of tax	—		.24		—		.57
Earnings per share - basic	$	.09	$	.32	$	.56	$	1.11
Earnings per share - diluted:
Income from continuing operations	$	.09	$	.08	$	.56	$	.54
Discontinued operations, net of tax	—		.24		—		.57
Earnings per share - diluted	$	.09	$	.32	$	.56	$	1.11
Weighted average common shares outstanding - basic	204,331		203,888		204,269		203,852
Weighted average common shares outstanding - diluted	205,285		204,678		205,153		204,451


MDU Resources Group, Inc.
Consolidated Balance Sheets
(Unaudited)
	September 30, 2025		September 30, 2024		December 31, 2024
Assets	(In thousands, except shares and per share amounts)
Current assets:
Cash, cash equivalents and restricted cash	$	75,853	$	88,282	$	66,904
Receivables, net	132,240		128,241		274,303
Current regulatory assets	179,149		241,008		215,436
Inventories	44,272		44,966		44,940
Prepayments and other current assets	69,853		76,478		64,676
Current assets of discontinued operations	—		888,845		—
Total current assets	501,367		1,467,820		666,259
Noncurrent assets:
Property, plant and equipment	7,863,725		7,420,616		7,554,063
Less accumulated depreciation and amortization	2,272,380		2,169,271		2,209,771
Net property, plant and equipment	5,591,345		5,251,345		5,344,292
Goodwill	345,736		345,736		345,736
Regulatory assets	305,890		343,578		322,350
Investments	118,443		112,954		115,459
Other	322,959		258,456		244,722

Noncurrent assets of discontinued operations	—		392,760		—
Total noncurrent assets	6,684,373		6,704,829		6,372,559
Total assets	$	7,185,740	$	8,172,649	$	7,038,818
Liabilities and Stockholders' Equity
Current liabilities:
Long-term debt due within one year	$	164,700	$	86,777	$	161,700
Accounts payable	122,109		106,503		150,070
Regulatory liabilities due within one year	143,822		157,068		137,167
Taxes payable	43,328		47,873		43,372
Dividends payable	28,606		26,024		26,511
Accrued compensation	31,628		30,082		35,264
Other accrued liabilities	132,356		148,630		124,514

Current liabilities of discontinued operations	—		678,418		—
Total current liabilities	666,549		1,281,375		678,598
Noncurrent liabilities:
Long-term debt	2,188,485		2,233,520		2,130,910
Deferred income taxes	434,099		452,513		441,320
Regulatory liabilities	473,812		463,790		459,170
Asset retirement obligations	419,616		397,952		406,351
Other	280,085		228,545		231,895
Noncurrent liabilities of discontinued operations	—		56,969		—
Total noncurrent liabilities	3,796,097		3,833,289		3,669,646
Commitments and contingencies
Stockholders' equity:
Common stock Authorized - 500,000,000 shares, $1.00 par value Shares issued - 204,331,170 at September 30, 2025, 203,888,237 at September 30, 2024 and 203,934,578 at December 31, 2024	204,331		203,888		203,935
Other paid-in capital	1,473,739		1,470,429		1,473,738
Retained earnings	1,061,407		1,401,555		1,029,699
Accumulated other comprehensive loss	(16,383)		(17,887)		(16,798)

Total stockholders' equity	2,723,094		3,057,985		2,690,574
Total liabilities and stockholders' equity	$	7,185,740	$	8,172,649	$	7,038,818


MDU Resources Group, Inc.
Consolidated Statements of Equity
(Unaudited)
				Other Paid-in Capital		Retained Earnings		Accumu-lated Other Compre-hensive Loss
	Common Stock
	Shares	Amount								Total
	(In thousands, except shares)
At December 31, 2024	203,934,578	$	203,935	$	1,473,738	$	1,029,699	$	(16,798)	$	2,690,574
Net income	—	—		—		81,965		—		81,965
Other comprehensive income	—	—		—		—		192		192
Dividends declared on common stock	—	—		—		(26,765)		—		(26,765)
Stock-based compensation	—	—		1,646		—		—		1,646
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings	396,592	396		(4,872)		—		—		(4,476)
At March 31, 2025	204,331,170	$	204,331	$	1,470,512	$	1,084,899	$	(16,606)	$	2,743,136
Net income	—	—		—		13,780		—		13,780
Other comprehensive income	—	—		—		—		120		120
Dividends declared on common stock	—	—		—		(26,770)		—		(26,770)
Stock-based compensation	—	—		1,638		—		—		1,638
At June 30, 2025	204,331,170	$	204,331	$	1,472,150	$	1,071,909	$	(16,486)	$	2,731,904
Net income	—	—		—		18,311		—		18,311
Other comprehensive income	—	—		—		—		103		103
Dividends declared on common stock	—	—		—		(28,813)		—		(28,813)
Stock-based compensation	—	—		1,636		—		—		1,636
Costs of issuance of common stock	—	—		(47)		—		—		(47)
At September 30, 2025	204,331,170	$	204,331	$	1,473,739	$	1,061,407	$	(16,383)	$	2,723,094


MDU Resources Group, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
	Nine Months Ended
	September 30,
	2025		2024
	(In thousands)
Operating activities:
Net income	$	114,056	$	225,950
(Loss) income from discontinued operations, net of tax	(938)		115,370
Income from continuing operations	114,994		110,580
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	155,160		149,292
Deferred income taxes	(12,473)		(6,719)
Provision for credit losses	5,404		4,953
Amortization of debt issuance costs	928		1,167
Employee stock-based compensation costs	4,920		6,033
Pension and postretirement benefit plan net periodic benefit credit	(802)		(2,882)
Unrealized gains on investments	(4,772)		(5,282)

Changes in current assets and liabilities, net of acquisitions:
Receivables	136,261		128,063
Inventories	(603)		(2,092)
Other current assets	47,598		39,312
Accounts payable	(47,736)		(60,145)
Other current liabilities	13,815		16,311
Pension and postretirement benefit plan contributions	(2,807)		(2,799)
Other noncurrent changes	(16,354)		(23,249)
Net cash provided by continuing operations	393,533		352,543
Net cash (used in) provided by discontinued operations	(740)		89,243
Net cash provided by operating activities	392,793		441,786
Investing activities:
Capital expenditures	(353,804)		(366,483)


Cost of removal, net of salvage value	(7,653)		(6,130)
Investments	(3,288)		(3,308)
Proceeds from investment excess cash and cost basis withdrawal	5,000		9,000

Net cash used in continuing operations	(359,745)		(366,921)
Net cash used in discontinued operations	—		(25,489)
Net cash used in investing activities	(359,745)		(392,410)
Financing activities:

Repayment of short-term borrowings	—		(95,000)
Issuance of long-term debt	123,100		302,400
Repayment of long-term debt	(62,812)		(147,731)
Debt issuance costs	(226)		(2,416)
Costs of issuance of common stock	(47)		(50)
Dividends paid	(79,638)		(76,915)

Tax withholding on stock-based compensation	(4,476)		(2,623)
Net cash used in continuing operations	(24,099)		(22,335)
Net cash used in discontinued operations	—		—
Net cash used in financing activities	(24,099)		(22,335)
(Decrease) increase in cash, cash equivalents and restricted cash	8,949		27,041
Cash, cash equivalents and restricted cash - beginning of year	66,904		76,975
Cash, cash equivalents and restricted cash - end of period *	$	75,853	$	104,016
*Includes cash of discontinued operations of $15.7 million at September 30, 2024.


Standard	Description	Effective date	Impact on financial statements/disclosures


Recently issued accounting standards not yet adopted
ASU 2023-09 Income Taxes - Improvements to Income Tax Disclosures an Amendment, December 2023	In December 2023, the FASB issued guidance to address investors requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and effectiveness of income tax disclosures.	Effective for annual reporting periods beginning after 2024 on a prospective basis.	The Company has evaluated and does not expect a material impact on its disclosures for the year ended December 31, 2025.
ASU 2024-01 Compensation - Stock Compensation	In March 2024, the FASB issued improvements to GAAP through an example to demonstrate application of the scope of paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted in Compensation - Stock Compensation.	Effective for fiscal years beginning after December 15, 2024.	The Company has evaluated and does not expect a material impact on its disclosures for the year ended December 31, 2025.
ASU 2024-03 Disaggregation of Income Statement Expenses	In November 2024, the FASB issued guidance to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general, and administrative; and research and development).	Effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.	The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2027.


	Electric		Natural gas distribution		Pipeline		Total
	(In thousands)
At December 31, 2024	$	473	$	1,366	$	—	$	1,839
Current expected credit loss provision	939		2,213		—		3,152
Less write-offs charged against the allowance	1,036		1,269		—		2,305
Credit loss recoveries collected	166		252		—		418
At March 31, 2025	$	542	$	2,562	$	—	$	3,104
Current expected credit loss provision	178		(151)		—		27
Less write-offs charged against the allowance	333		1,002		—		1,335
Credit loss recoveries collected	74		165		—		239
At June 30, 2025	$	461	$	1,574	$	—	$	2,035
Current expected credit loss provision	646		1,579		—		2,225
Less write-offs charged against the allowance	688		2,454		—		3,142
Credit loss recoveries collected	76		220		—		296
At September 30, 2025	$	495	$	919	$	—	$	1,414


Three Months Ended September 30, 2025	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	35,730	$	64,225	$	—	$	—	$	99,955
Commercial utility sales	52,492		45,581		—		—		98,073
Industrial utility sales	9,525		7,873		—		—		17,398
Other utility sales	1,949		—		—		—		1,949
Natural gas transportation	—		16,292		47,239		—		63,531
Natural gas storage	—		—		5,680		—		5,680
Other	19,118		7,983		4,439		182		31,722
Intersegment eliminations	(138)		(92)		(4,269)		(182)		(4,681)
Revenues from contracts with customers	118,676		141,862		53,089		—		313,627
Other revenues	(1,014)		2,353		70		—		1,409
Total external operating revenues	$	117,662	$	144,215	$	53,159	$	—	$	315,036


	Estimated Recovery or Refund Period as of September 30, 2025	*	September 30, 2025		September 30, 2024		December 31, 2024
			(In thousands)
Regulatory assets:
Current:
Environmental compliance programs	Up to 1 year		$	69,646	$	80,198	$	76,964
Natural gas costs recoverable through rate adjustments	Up to 1 year		34,325		111,946		91,091
Conservation programs	Up to 1 year		27,405		19,059		19,123
Demand cost deferral	Up to 1 year		15,287		13,898		5,237
Decoupling mechanisms	Up to 1 year		9,716		4,795		6,767
Electric fuel and purchased power deferral	Up to 1 year		9,644		4,497		9,662
Cost recovery mechanisms	Up to 1 year		8,606		4,332		5,114
Other	Up to 1 year		4,520		2,283		1,478
			179,149		241,008		215,436
Noncurrent:
Pension and postretirement benefits	**		142,064		142,511		142,064
Cost recovery mechanisms	Up to 24 years		68,314		82,907		76,542
Plant costs/asset retirement obligations	Over plant lives		46,334		45,249		47,042
Manufactured gas plant site remediation	-		27,147		25,789		27,964
Taxes recoverable from customers	Over plant lives		12,257		12,316		12,221
Covid-19 deferred costs	Up to 3 years		3,863		3,857		4,167
Long-term debt refinancing costs	Up to 36 years		1,571		2,159		2,011
Natural gas costs recoverable through rate adjustments	-		—		11,707		—
Electric fuel and purchased power deferral	-		—		8,335		4,349
Environmental compliance programs	-		—		2,858		—
Other	Up to 14 years		4,340		5,890		5,990
			305,890		343,578		322,350
Total regulatory assets			$	485,039	$	584,586	$	537,786
Regulatory liabilities:
Current:
Environmental compliance programs	Up to 1 year		$	84,884	$	77,392	$	72,387
Natural gas costs refundable through rate adjustments	Up to 1 year		43,373		54,197		45,427
Provision for rate refund	Up to 1 year		4,358		8,868		3,677
Margin sharing	Up to 1 year		3,831		3,945		4,156
Taxes refundable to customers	Up to 1 year		2,325		2,195		2,163
Conservation programs	Up to 1 year		1,108		2,662		2,082
Cost recovery mechanisms	Up to 1 year		154		2,634		1,720
Other	Up to 1 year		3,789		5,175		5,555
			143,822		157,068		137,167
Noncurrent:


September 30, 2025	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed securities	$	8,465	$	24	$	230	$	8,259
U.S. Treasury securities	3,495		24		3		3,516
Total	$	11,960	$	48	$	233	$	11,775


September 30, 2024	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed securities	$	8,104	$	41	$	312	$	7,833
U.S. Treasury securities	3,897		74		—		3,971
Total	$	12,001	$	115	$	312	$	11,804


December 31, 2024	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed securities	$	7,933	$	4	$	383	$	7,554
U.S. Treasury securities	3,945		80		1		4,024
Total	$	11,878	$	84	$	384	$	11,578


Three Months Ended September 30, 2024	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	37,076	$	61,928	$	—	$	—	$	99,004
Commercial utility sales	46,648		37,687		—		—		84,335
Industrial utility sales	9,702		6,869		—		—		16,571
Other utility sales	2,045		—		—		—		2,045
Natural gas transportation	—		15,279		41,936		—		57,215
Natural gas storage	—		—		6,053		—		6,053
Other	16,182		9,736		3,537		22		29,477
Intersegment eliminations	(12)		(31)		(3,924)		(21)		(3,988)
Revenues from contracts with customers	111,641		131,468		47,602		1		290,712
Other revenues	(3,173)		2,122		33		—		(1,018)
Total external operating revenues	$	108,468	$	133,590	$	47,635	$	1	$	289,694


Nine Months Ended September 30, 2025	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	103,984	$	453,501	$	—	$	—	$	557,485
Commercial utility sales	144,397		303,611		—		—		448,008
Industrial utility sales	27,936		32,433		—		—		60,369
Other utility sales	5,592		—		—		—		5,592
Natural gas transportation	—		49,816		142,612		—		192,428
Natural gas storage	—		—		16,882		—		16,882
Other	53,832		43,086		10,778		540		108,236
Intersegment eliminations	(457)		(278)		(47,401)		(540)		(48,676)
Revenues from contracts with customers	335,284		882,169		122,871		—		1,340,324
Other revenues	(7,476)		8,088		119		—		731
Total external operating revenues	$	327,808	$	890,257	$	122,990	$	—	$	1,341,055


Nine Months Ended September 30, 2024	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	107,735	$	431,721	$	—	$	—	$	539,456
Commercial utility sales	129,783		264,091		—		—		393,874
Industrial utility sales	32,809		30,716		—		—		63,525
Other utility sales	6,046		—		—		—		6,046
Natural gas transportation	—		43,194		128,979		—		172,173
Natural gas storage	—		—		16,766		—		16,766
Other	44,998		18,705		9,903		82		73,688
Intersegment eliminations	(71)		(108)		(43,249)		(64)		(43,492)
Revenues from contracts with customers	321,300		788,319		112,399		18		1,222,036
Revenues out of scope	(5,915)		6,200		119		—		404
Total external operating revenues	$	315,385	$	794,519	$	112,518	$	18	$	1,222,440


	Fair Value Measurements at September 30, 2025, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at September 30, 2025
	(In thousands)
Assets:
Money market funds	$	—	$	9,743	$	—	$	9,743
Insurance contracts*	—		66,229		—		66,229
Available-for-sale securities:
Mortgage-backed securities	—		8,260		—		8,260
U.S. Treasury securities	—		3,516		—		3,516

Total assets measured at fair value	$	—	$	87,748	$	—	$	87,748


* The insurance contracts invest approximately 57 percent in fixed-income investments, 18 percent in common stock of large-cap companies, 10 percent in target date investments, 7 percent in common stock of mid-cap companies, 4 percent in common stock of small-cap companies, 3 percent in cash equivalents, and 1 percent in international investments.


	Fair Value Measurements at December 31, 2024, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2024
	(In thousands)
Assets:
Money market funds	$	—	$	12,879	$	—	$	12,879
Insurance contracts*	—		59,282		—		59,282
Available-for-sale securities:
Mortgage-backed securities	—		7,554		—		7,554
U.S. Treasury securities	—		4,024		—		4,024

Total assets measured at fair value	$	—	$	83,739	$	—	$	83,739


	Weighted Average Interest Rate at September 30, 2025		September 30, 2025		September 30, 2024		December 31, 2024
			(In thousands)
Senior Notes due on dates ranging from October 30, 2025 to June 15, 2062	4.60	%	$	1,947,000	$	1,947,000	$	1,947,000
Credit agreements due on dates ranging from May 31, 2028 to June 20, 2029	6.06	%	183,400		163,500		169,700
Commercial paper supported by revolving credit agreement	4.40	%	132,700		57,800		81,400
Term Loan Agreements due on dates ranging from September 3, 2032 to April 1, 2039	4.44	%	60,900		123,600		65,600
Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029	7.32	%	35,000		35,000		35,000
Other notes due on November 30, 2038	6.00	%	333		350		346
Less unamortized debt issuance costs			6,148		6,953		6,436

Total long-term debt			2,353,185		2,320,297		2,292,610
Less current maturities			164,700		86,777		161,700
Net long-term debt			$	2,188,485	$	2,233,520	$	2,130,910


Three Months Ended September 30, 2025	Electric		Natural gas distribution		Pipeline		Other		Consolidated
	(In thousands)
Operating revenues:
External operating revenues	$	117,662	$	144,215	$	53,159	$	—	$	315,036
Intersegment operating revenues	138		92		4,269		182		4,681
Purchased natural gas sold:
External purchased natural gas sold	—		58,514		—		—		58,514
Intersegment purchased natural gas sold	—		4,226		—		—		4,226
Electric fuel and purchased power	41,098		—		—		—		41,098
Operation and maintenance:
External operation and maintenance	25,957		56,531		21,016		(1,742)		101,762
Intersegment operation and maintenance	138		92		43		182		455
Depreciation and amortization	17,479		26,558		8,009		—		52,046
Taxes, other than income	4,713		13,375		3,688		—		21,776
Other income:
External other income	2,027		3,850		880		541		7,298
Intersegment other income	—		—		122		1,565		1,687
Interest expense:
External interest expense	7,639		14,686		2,447		1,645		26,417
Intersegment interest expense	—		—		1,687		—		1,687
Income tax expense (benefit)	1,339		(7,612)		4,782		3,862		2,371
Income (loss) from continuing operations	21,464		(18,213)		16,758		(1,659)		18,350
Discontinued operations, net of tax	—		—		—		(39)		(39)
Net income (loss)	$	21,464	$	(18,213)	$	16,758	$	(1,698)	$	18,311


	2026		2027		2028		2029		2030		Thereafter
	(In thousands)
Purchase Commitments	$	939,500	$	280,400	$	174,200	$	128,800	$	113,700	$	627,000


Operating statistics	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenues (millions)
Retail sales:
Residential	$	35.7		$	36.7		$	102.2		$	106.8
Commercial	50.7			44.7			137.1			125.7
Industrial	9.5			9.5			27.4			32.4
Other	2.0			2.0			5.5			6.0
	97.9			92.9			272.2			270.9
Other	19.9			15.6			56.1			44.6
	$	117.8		$	108.5		$	328.3		$	315.5
Volumes (million kWh)
Retail sales:
Residential	297.8			300.4			904.3			868.5
Commercial	707.9			725.5			2,104.5			1,762.9
Industrial	121.1			119.1			357.8			394.7
Other	21.2			21.7			61.5			61.0
	1,148.0			1,166.7			3,428.1			3,087.1
Average cost of electric fuel and purchased power per kWh	$	.027		$	.020		$	.026		$	.026
Cooling degree days (% warmer (colder) than prior year)1
Montana	(13.0)		%	6.4		%	(4.3)		%	(3.0)		%
North Dakota	(17.0)		%	22.0		%	(6.6)		%	(4.2)		%
South Dakota	8.6		%	(10.4)		%	18.4		%	(28.3)		%
Wyoming	(25.2)		%	38.2		%	(22.9)		%	42.7		%
1Cooling degree days are a measure of the energy demand for cooling.


Company	Facility		Facility Limit			Amount Outstanding		Letters of Credit			Expiration Date
			(In millions)
Montana-Dakota Utilities Co.	Commercial paper/Revolving credit agreement	(a)	$	200.0		$	132.7	$	—		10/18/28
Cascade Natural Gas Corporation	Revolving credit agreement		$	175.0	(b)	$	91.4	$	2.2	(c)	6/20/29
Intermountain Gas Company	Revolving credit agreement		$	175.0	(b)	$	72.0	$	—		6/20/29
MDU Resources Group, Inc.	Revolving credit agreement		$	200.0	(d)	$	20.0	$	1.0	(c)	5/31/28


(a)The commercial paper program is supported by a revolving credit agreement with various banks (provisions allow for increased borrowings, at the option of Montana-Dakota on stated conditions, up to a maximum of $250.0 million). At September 30, 2025, there were no amounts outstanding under the revolving credit agreement. (b)Certain provisions allow for increased borrowings, up to a maximum of $225.0 million. (c)Outstanding letter(s) of credit reduce the amount available under the credit agreement. (d)Certain provisions allow for increased borrowings, up to a maximum of $250.0 million.


ISSUER PURCHASES OF EQUITY SECURITIES
Period	Total Number of Shares (or Units) Purchased (1)	Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (2)
July 1 through July 31, 2025	—	$	—	—	—
August 1 through August 31, 2025	—	$	—	—	—
September 1 through September 30, 2025	1,723	$	17.84	—	—
Total	1,723	$	17.84	—	—


(1) Represents shares of common stock purchased on the open market for the Company's non-employee directors who elected to receive additional shares of common stock in lieu of a portion of their cash retainer. (2) Not applicable. The Company does not currently have in place any publicly announced plans or programs to repurchase equity securities.


*Furnished Herewith
**Schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished as a supplement to the SEC upon request.


		MDU RESOURCES GROUP, INC.

DATE:	November 10, 2025	BY:	/s/ Jason L. Vollmer
			Jason L. Vollmer
			Chief Financial Officer


		BY:	/s/ Stephanie A. Sievert
			Stephanie A. Sievert
			Chief Accounting and Regulatory Affairs Officer